Do spin-offs expropriate wealth from bondholders?
Article Abstract:
The wealth transfer hypothesis is examined as an explanation of stockholder gains and bondholder losses on a corporate spin-off announcement. Losses to bondholders are found to be a function of the level of parent firm financial risk and the loss in spun-off subsidiary collateral.
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 2003
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An examination of long-term abnormal stock returns and operating performance following R&D increases
Article Abstract:
A study examining 8313 firms between the years 1951 and 2001 and learning the causes for suddenly increasing expenditures for research and development, which led to increase in operating performance and stock returns of the companies, is presented.
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 2004
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The wealth effects of repurchases on bondholders
Article Abstract:
Repurchase program announcements have a positive impact on stock returns and a predominantly negative impact on bond ratings.
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 2003
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